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| US in ‘fast lane’ to bankruptcy – Musk | |
| (32 minutes later) | |
| Government overspending is to blame for inflation in America, the tech billionaire has argued | Government overspending is to blame for inflation in America, the tech billionaire has argued |
| The US is rapidly moving towards bankruptcy because the government in Washington is spending too much money, Tesla and SpaceX CEO Elon Musk has warned. | The US is rapidly moving towards bankruptcy because the government in Washington is spending too much money, Tesla and SpaceX CEO Elon Musk has warned. |
| On Thursday, Musk shared a post on his X (formerly Twitter) platform by another user, who cited a forecast from the US government budget for fiscal year 2025 that said that the budget deficit could increase from the current $1.8 billion to almost $16.3 billion by 2035. | On Thursday, Musk shared a post on his X (formerly Twitter) platform by another user, who cited a forecast from the US government budget for fiscal year 2025 that said that the budget deficit could increase from the current $1.8 billion to almost $16.3 billion by 2035. |
| "At current rates of government spending, America is in the fast lane to bankruptcy,” Musk wrote. | "At current rates of government spending, America is in the fast lane to bankruptcy,” Musk wrote. |
| The tech billionaire also suggested that “government overspending is what causes inflation” in the country. | The tech billionaire also suggested that “government overspending is what causes inflation” in the country. |
| The US annual inflation rate dipped below 3% in July for the first time since 2021, according to a Labor Department report, issued two weeks ago. The prices for goods and services went up by 2.9%, while core inflation, which excludes food and energy industries, rose by 3.2% over the previous 12 months. | The US annual inflation rate dipped below 3% in July for the first time since 2021, according to a Labor Department report, issued two weeks ago. The prices for goods and services went up by 2.9%, while core inflation, which excludes food and energy industries, rose by 3.2% over the previous 12 months. |
| In late July, the US Treasury Department announced that the country’s national debt surpassed $35 trillion for the first time in history, increasing by a trillion since January. | In late July, the US Treasury Department announced that the country’s national debt surpassed $35 trillion for the first time in history, increasing by a trillion since January. |
| The Congressional Budget Office (CBO) predicted that by 2034 the debt will exceed $50 trillion, amounting to more than 122% of America’s GDP. The CBO also said that it expects the country’s average annual GDP growth rate to be at around 1.8% from 2029 to 2034. | The Congressional Budget Office (CBO) predicted that by 2034 the debt will exceed $50 trillion, amounting to more than 122% of America’s GDP. The CBO also said that it expects the country’s average annual GDP growth rate to be at around 1.8% from 2029 to 2034. |
| In June, the Committee for a Responsible Federal Budget (CRFB) think tank claimed that the national debt grew by $4.3 billion under incumbent US President Joe Biden, compared to $8.4 billion during Donald Trump’s term in office. | In June, the Committee for a Responsible Federal Budget (CRFB) think tank claimed that the national debt grew by $4.3 billion under incumbent US President Joe Biden, compared to $8.4 billion during Donald Trump’s term in office. |
| In August, Trump gave a lengthy interview to Musk on X. Shortly after that, the Republican presidential candidate said that he would consider the tech billionaire, whom he described as a “brilliant guy,” for a role in his administration if he wins the election in November. Musk replied to the offer in a post, stressing that he is “willing to serve.” | In August, Trump gave a lengthy interview to Musk on X. Shortly after that, the Republican presidential candidate said that he would consider the tech billionaire, whom he described as a “brilliant guy,” for a role in his administration if he wins the election in November. Musk replied to the offer in a post, stressing that he is “willing to serve.” |